Byron Allen could become the new owner of ABC TV Network. Along with ABC, Allen reportedly put in a $10 billion offer to also acquire FX and National Geographic, according to Bloomberg.
Allen would likely work with private equity firms to finance the deal, the report says.
The media mogul has invested over $1.3 billion to acquire multiple media platforms including The Weather Channel.
Launched in 1993, Allen Media Group owns 36 ABC-NBC-CBS-FOX network affiliate broadcast television stations in 21 U.S. markets and 12 HD television networks serving nearly 220 million subscribers.
Along with The Weather Channel, Allen also owns The Grio, HBCUGO, Pets.TV, Comedy.TV, Cars TV.
Although Disney has yet to announce Allen’s offer publicly, the company revealed that it was “open to considering a variety of strategic options for our linear businesses.”
On Sept. 14, it was reported that Nexstar Media Group was also interested in purchasing ABC.
Disney continues to face financial pressures after Disney+, its streaming unit, reportedly lost $11 billion since its debut in 2019.
ABC features a national TV network, eight regional stations. It also has affiliation agreements with over 240 local television stations reaching nearly every household in America.
Disney purchased ABC in 1995 for $19 billion.